Venezuela’s Falling Crude Supply Won’t Budge Global Oil Market

The global oil market looks well-supplied at the end of the year, with output sufficient to absorb a supply disruption in Venezuela, the world’s biggest crude resource holder. The escalating U.S.-Venezuela tensions in recent weeks, a tanker seizure, and further U.S. sanctions squeezes on Nicolas Maduro and his allies, including companies operating tankers, have cut Venezuela’s production to a seven-month low.   The International Energy Agency (IEA) estimated Venezuela’s oil supply at 860,000 barrels per day (bpd) in November,…